Have a Tax Question? Ask a Tax Expert
Hi, my name is Chad, Please give me a moment to review your question.
Who Must File explains who must file an income tax return. If you have little or no gross income, reading this section will help you decide if you have to file a return.
ok but the lower part of your answer (b)1/2 your ssi ect,ect, 25,000(32000 filing jointly
That is correct. However, you may want to go to a online software vendor such as Turbo Tax and plug in your numbers. You may have some withholdings that I am not aware of and you may be entitled to refunds especially if you qualify for credits or even refundible credits. Sometime SS and pension receipients have withholdings on their income just as a W-2 receipient.
whatabout over 70 years old $1100 each exeption each
using all these numbers would we be required to file a return
sorry give me a moment.
no problem this is the info i need to know
it appears to me the (b) part sez 25,000 (32500filing jointly)
would be the needed income to need to file
Sorry, I had a small emergency come up and am back now.
correction 32,000 not 32500
Do any of the following examples apply to you?
what does amt alternative minimum taxapply to
going back to (b) (32000) jointly is this meaningful to my total income after deducting 50% off SSI income???
It is another tax structure that is applied to indivuals that have certain deductions such as home mortgage interest and other deductions. When the taxpayer files their return, the return calculates through a series of test what the Alternative Minimim Tax is and test which is higher, the standart taxes or the AMT tax. The taxpayer has to pay the higher amount. This law has been around for decades and congress' original intent was to make the rich pay more and not receive all the benifits of home mortgage/property taxes, etc... However, this has now backfired and the people that are the largest payers of this tax are the middle class. This is due to the fact that the calculations are not indexed for inflation while the calculations for the ordinary tax rate structures are indexed for inflation. Does anyone claim you as a dependant?
ok thanx for amt break down it is not really applicable to this senerio. no .I'm not a dependent
OK by that, it appears that you would fall with in the test above of $25,000 or less. However, if you had any other income not mentioned (interest income, etc...) the answer may be different. The IRS and most tax professionals still recommend putting your information into a tax return to see if you have any refunds or credits. The online tax softwares such as Turbo Tax or others will complete the return and tell you if you you have any refunds without paying for the software. Hope this helps.
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Tax advice given in the above dialog is not intended for the purposes of avoiding tax or penalties. Guidance is strictly for the purpose of the addressee and is not for widespread distribution.
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standard deductions would be $11400 plus7300 (3600 each)plus $2200 (1100 each) total deductions of $20,900 that being said 22,570 gross minus 20,900= $1670......net table income do I need to file
my question was sent at exact same time as your asnswer please reply to my question
No, because you would not include social security benifits since 50% of them combined with other income is not greater than $25,000. If it was greater than $25,000, then you would look at the calculation that you performed above.
using the 1670 net figure back to my first question how much more money can i make before i must file using all numbers i used i my 634 question thanx chad
6:34 pm that is
your last answer....no,because.....bla bla.....its under the 25,000 ???? for singles, should you not say under 32000 for us filing jointly as eluded to in the most people fall under form